Event Budget (Myth)Busters
If you’re taking on an event, be it a corporate event, social gathering or wedding - the best thing you can do to set yourself up for success is to create and commit to a budget. Any planner will ask you “what’s the budget” within the first few moments of a planning session. It’s one of the most important things - some might argue THE most important thing to ensuring a well thought-out, perfectly planned and overall organized event!
The reason it’s so important is because your budget will dictate so many things: date, location, size guest experience - even the time you have to check off all the tasks for an event. Whether you're a bride, a CMO or a fellow planner, getting your budget in place will guide your decisions and help make sure your event is on track. We put together a list of some of the biggest myths we hear around budgets . . . and debunked them!
✤ Myth: There is no budget.
This is probably the biggest myth you will ever hear in planning an event. When someone says “there is no budget” that’s probably not the case. In fact, they likely have a number in mind, but don’t want to commit to it. If your CEO comes to you and says “no budget - we just want the event to be amazing” - she will probably be scheduling some time with you when the company offsite budget approaches $1mil. When your family tells you “we want you to plan your dream wedding” they are probably still assuming some type of financial parameter around that dream.
What can you do? ASK FOR A BUDGET! And if you can’t get it… create one and share with your ‘financiers’ along the way, so there’s no surprises!
✤ Myth: My budget is small, I can’t create a fantastic experience.
This is something many of us assume - event planners earlier in their career. If your budget is small it doesn't necessarily mean it’s not going to be a great experience, it means you'll need to get creative in how you spend those dollars. Maybe you lean in on fun, simple ice breakers instead of paid activities. Perhaps you create a more casual atmosphere with your food choices and make the event feel more like a backyard BBQ. You can have an extravagant wedding or a super high-tech conference, but it doesn't mean the experience will be amazing - and the reverse is true as well.
What can you do? Attention to detail is what can make a smaller-budget go a very long way. Attendees are more likely to remember your care/consideration of them and the connections they made, than the hologram of Elvis you provided. Emphasize those smaller elements to capture their attention. (That Elvis thing would be cool, though!)
✤ Myth: I’ve got the budget and all the quotes - I can breathe easy!
Hold on there… we like to think of the budget as a living, breathing thing! Of course setting a budget from the start is key, but it will fluctuate throughout the whole planning process. Major changes (location, number of attendees, AV & decor upgrades) can adjust the budget significantly - and don’t forget all the “little things” that start to add up (swag, printing, favors, etc). It’s good to also remember your vendors are giving you quotes based on their estimate - but that can also change as your plans/needs change. Having a budget spreadsheet will help keep track of the ups and downs of your budget.
What can you do? Two important tips: (1) Update your budget on a regular basis - there’s nothing like realizing two days before an event that you never updated your budget to reflect the 100 people added to the guest list! (2) We ALWAYS add a miscellaneous cost to our budget (usually 5-10% of the total budget, depending on the type of event) - this provides wiggle room and can help ease increases in unexpected areas.
✤ Myth: My budget has to follow certain guidelines to be a well-planned event.
We’ll dive deeping in a future blog about how to build a budget, but for now, you should know that your budget doesn’t have to follow any formula. You’ve seen guidelines with numbers like: Venue and catering: 40–45%, Photography and videography: 8–15%, etc, etc. Remember these are guidelines! You can spend your money for your event how you want it. You want top-shelf cocktails and mixologists - go for it. You want to hire a famous European DJ - sounds like you love to dance! Once you establish your budget (we’ll just keep saying this one over and over) you can plug in numbers and adjust your budget in other places. Your event should reflect you/your attendees’ goals, interests and vibe. Events are not one-size fits all! Also - how boring would it be if they were?
What can you do? Establish what the most important elements are to you and your attendees. You should sit and think about what’s important for your event and then shift your budget to reflect that!
✤ Myth: I’ll just save my money by doing things myself.
This always seems like a surefire plan - but often it can cost more money in the long run. This certainly depends on what those “things” are. For example you can probably create your own table card settings, but you’ll need to be organized ahead of time. However, thinking that you or your guests can “film/photograph” the event will probably not yield the results you're looking for. We’ve also seen “cheaper” grocery store flowers so damaged that the order was doubled to get the desired look. This goes for a planner too. We have spent years working on budgets, negotiations and contracts - there is a good chance that hiring a planner could save you money in the end - we know what to ask for and we’re not afraid to do it!
What can you do? Evaluate your time, skillset and emotional bandwidth. Be realistic on what you can accomplish in your timeline. If it seems challenging or stressful - it’s probably not going to be worth doing it yourself. Oh… and if you can … hire a planner, let them use their experience to know how/when/where to adjust costs!
It can be overwhelming to stare down a budget with so much else to do in the planning process. However, it will make your life SO MUCH easier if you can establish a budget and come back to it periodically. The more you know about how to make your budget your friend, the easier it will come to you. You’ll be able to bust those budget myths with the best of them!
What other budget myths have you encountered when planning an event?
